UTC Chief Welcomes Stability in Budget Deal
The budget deal reached last week in Washington will have a real economic impact on companies in Connecticut. United Technologies CEO Louis Chenevert welcomed the agreement, saying it gives his defense dependent corporation more ability to plan for the future.
"I think this will be good momentum to avoid the uncertainty that we saw," said Chenevert. "No one wants to see the kind of challenges that we encountered with the debt ceiling. The two-year budget deal, while perhaps not perfect, creates some certainty."
Despite the end to sequestration, UTC still expects its defense related sales to fall next year. Chenevert told an investors meeting that military sales from Pratt and Whitney and Sikorsky may be down five percent in 2014. That could mean a drop in profits of up to ten cents a share.
Chenevert said that with a budget deal done, he now wants to see Washington focus on tax reform.